FFIEC Webinar on 10/23: FinCEN on Rising Email Compromise Fraud Schemes

Friday, October 11, 2019

In recognition of Cybersecurity Awareness Month, the FFIEC will be hosting an Industry webinar to discuss current trends in email compromise fraud, as well as control considerations that may help institutions better protect themselves and their customers from this growing cyber threat. The webinar will be held on Wednesday, October 23rd at 10:00 a.m. PST and will be led by representatives from Financial Crimes Enforcement Network (FinCEN) as they highlight a recent advisory that they issue. This webinar is intended for industry but your examiners are invited to register as well.

Registration Details:
To Register use this link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=4440B7CF-7478-425C-B664-7CE1BE43B896&LangLocaleID=1033

If you are unable to hear the audio portion of the event via the link above, the following number(s) can be used as a backup.

1.888.455.1700 (toll free number)
1.517.308.9245 (toll number)
Participant passcode: 9079139

Background: Email compromise fraud schemes refer to schemes in which criminals compromise the email accounts of victims to send fraudulent payment instructions to financial institutions or other business associates, or to effect fraudulent transmission of data that can be used to conduct financial fraud. These schemes continue to grow and adversely impact both financial institutions and their customers. In July 2019, the Financial Crimes Enforcement Network (FinCEN) issued an advisory noting that it has received more than 32,000 reports from U.S. institutions involving almost $9 billion in attempted theft due to email compromise fraud schemes since 2016. The FBI estimates more than $26 billion in worldwide losses due to email compromise fraud since the agency began collecting metrics on these types of schemes in 2013. FinCEN will discuss its “Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Processes” (FIN-2019-A005). In addition, representatives from the FFIEC’s Cybersecurity and Critical Infrastructure Working Group, the BSA/AML Working Group, and the IT Subcommittee will share supervisory insights and answer questions.